The Pittsburgh Penguins are set to change hands for the second time in five years, with Fenway Sports Group (FSG) reaching a definitive agreement to sell a controlling interest in the franchise to the Hoffmann Family of Companies. The announcement, made on Friday, December 19, 2025, marks a significant shift in ownership for the storied NHL team.
The Hoffmann Family of Companies, headquartered in Chicago, boasts a diverse portfolio of operating businesses and commercial real estate holdings. They also own the Florida Everblades of the ECHL. The family's deep-rooted connection to hockey and admiration for the Penguins' legacy, culture, and passionate fanbase were key factors in pursuing the acquisition. Geoff Hoffmann, CEO of the Hoffmann Family of Companies, expressed his family's honor in joining the Penguins' tradition and becoming an active part of the Pittsburgh community.
According to reports, the sale price is estimated to be $1.7 billion. While the final sale awaits approval from the NHL's Board of Governors, the transition is expected to be completed in 2026. FSG, led by co-founder John Henry, had purchased the Penguins in 2021 from the Lemieux Group, led by franchise legend Mario Lemieux. Although Lemieux was reportedly interested in regaining a controlling stake, FSG ultimately accepted the Hoffmann family's bid.
Under the new ownership, key leadership positions within the Penguins organization will remain intact. Kyle Dubas will continue to oversee the team's on-ice strategy as President of Hockey Operations and General Manager. Teddy Werner will continue as Interim President of Business Operations until the deal closes. Upon completion of the transaction, Geoff Hoffmann will assume the role of team Governor, with Greg and David Hoffmann serving as Alternate Governors, playing an active role in guiding the club's business operations.
FSG's decision to sell the Penguins comes after a period of owning some of the biggest brands in international sports, including the Boston Red Sox and Liverpool Football Club. Sam Kennedy, Fenway CEO, stated that the Hoffmann family's love for the sport and commitment to doing things the right way made it clear they would be thoughtful stewards of the franchise. FSG plans to work closely with the Hoffmanns to ensure a smooth transition and will retain a minority stake in the Penguins for a period of time.
The Hoffmann Family of Companies' ownership of the Florida Everblades since 2019 has been marked by success, with the team winning three consecutive championships from the 2021-22 season to the 2023-24 season. The Everblades have also maintained an average attendance of over 6,000 in the past three seasons. Furthermore, the Hoffmann family is affiliated with Type 1 Timer Hockey, a non-profit organization supporting hockey players with Type 1 diabetes.
The acquisition of the Pittsburgh Penguins by the Hoffmann Family of Companies signals a new chapter for the franchise, with a focus on continuing the team's legacy, fostering a strong connection with the Pittsburgh community, and maintaining a commitment to excellence both on and off the ice.
